By the Associated Press in the Indianapolis Star:
Officials of a southwestern Indiana county have approved issuing $1.3 billion in bonds for a proposed fertilizer plant being developed by a Pakistan-based group after Gov. Mike Pence pulled state support, citing concerns about the company’s overseas products being used in explosives in Afghanistan.
The Posey County Council voted unanimously Wednesday in favor of the financing plan for the Midwest Fertilizer Corp. plant. Pence announced Tuesday the state wouldn’t block the county, located along the Ohio River west of Evansville, from backing project, despite his reservations.
The plant is expected to have about 300 workers, although a site for it hasn’t yet been selected, county and company officials said. The financing deal makes investors — including Pakistan-based Fatima Group — responsible for repaying the bonds, the Evansville Courier & Press reported.
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John Taylor, executive director of the Posey County Economic Development Partnership, said there are three possible sites near Mount Vernon being considered for the plant.
Details must still also be finalized on a $143 million tax incentive package offered by county officials for the plant, said Jonathan Weinzapfel, an attorney for the county economic development commission.
http://www.indystar.com/viewart/20130620/BUSINESS/306200086/Posey-County-backs-1-3B-fertilizer-plant-financing
